Market Research Report
Global Almond Oil Market - 2020-2027
|Published by||DataM Intelligence||Product code||959518|
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|Global Almond Oil Market - 2020-2027|
|Published: September 8, 2020||Content info:||
Almonds are the rich source of oil and they are harvested from the Prunus Dulcis tree almond kernels. It is extracted using cold-pressed method and comes in two different kinds, i.e. sweet almond oil and bitter almond oil. It is a rich source of vitamin E, vitamin B, vitamin A, minerals, omega fatty acids and proteins that make almond oil an all-purpose carrier and essential oil used in food, cosmetics and pharmaceutical industry. Currently, its demand is increasing as a natural ingredient in hair care, skin care and other cosmetics products due to its varied health benefits and high nutritional value. Implementing stringent regulations, such as a ban on hazardous chemicals in cosmetics, coupled with encouraging initiatives to use organic and natural ingredients in formulations of personal care products, would offer new market players opportunities. The global almond oil market valued USD XX billion in 2019 and is estimated to reach USD XX billion by 2027, at a CAGR of XX%
The growing demand for aromatherapy that involves usage of essential oils for a variety of health conditions and becoming popular among spa customers is a major driver for the growth of almond oil market. Furthermore, rising awareness regarding the harmful effects of chemicals used in cosmetics, such as phthalates and parabens, is expected to promote the use of almond oil as a natural functional ingredient in the formulation of personal care products. Almond oil is beneficial in the treatment of skin diseases such as eczema, pimples. Such oils are also beneficial for the treatment of kidney problems, diabetes, gastric ulcers, gastro enteritis and facial neuralgia. They are also considered to be a useful food remedy for anemia. In addition, changes in lifestyles and rise in disposable incomes are the other factors, which supplement the growth of the almond oil market growth.
However, production of almond oil is season dependent farming, so raw materials are hard to produce, and so the demand for almonds are high, and the cost follows demand. This results in a high initial investment in the almond oil market, thus hindering the market growth.
The global almond oil market is segmented by type into sweet almond oil and bitter almond oil. Sweet almond oil is by far the largest segment holding about XX% of the global market, owing to the fact that sweet almond oil can be used in cosmetic products, due to its moisturizing properties, and is gentle on delicate skin. Whereas, bitter almond oil is toxic, and its applications are limited to the medical field to treat bacterial and fungal infections.
By geography, Asia Pacific is the largest market for almond oil with a share of nearly XX% in global sales value in 2019. The primary factor behind this region's dominance is that key manufactures in this region are focusing on various strategies such as product launches, product innovations and others. For instance, in April 2019, India-based Bajaj Corp Ltd launched a new cooling oil in the hair care segment under the brand name 'Bajaj Cool Almond Drops Hair Oil'. This product is non-sticky and much lighter than the original variant. The combination of menthol and camphor keeps the head cool and nourishes the hair. This product launch helped the company gain a stronger foothold in the emerging market of India.
The global almond oil market is consolidated with top 5 companies accounting for over 50% of global sales. Pip & Nut Ltd, Jiangxi Baicao Pharmaceutical Co., Ltd., AOS Products Private Limited, NOW Foods and Mountain Ocean are dominating the global almond oil market. These companies have used various strategies such as expansions, new product launches, agreements, partnerships, joint ventures, acquisitions, and others to increase their footprints in this market. For instance, Pip & Nut Ltd launched a vegan almond butter under the brand name Cherry Bakewell in the U.K. This product is free from palm oil and contains oil extracted from almonds.